{"id":39642,"date":"2018-10-24T07:48:35","date_gmt":"2018-10-24T12:48:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39642"},"modified":"2018-10-24T07:48:35","modified_gmt":"2018-10-24T12:48:35","slug":"this-stock-market-is-gradually-rotting-under-the-covers","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39642","title":{"rendered":"This Stock Market Is \u201cGradually\u201d Rotting Under the Covers"},"content":{"rendered":"
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This Stock Market Is \u201cGradually\u201d Rotting Under the Covers<\/a><\/h3>\n<\/header>\n
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And some of the rot is oozing to the surface.<\/strong><\/p>\n

The sell-off on Tuesday didn\u2019t weigh on the scale of sell-offs: The Dow, the S&P 500, and the Nasdaq<\/a> were down only around 0.5%, give or take a little. But in the broader sense, declines of individual stocks were widespread, and this situation has been going on for months.<\/p>\n

On the surface, it still looks hunky-dory. For the 52-week period, the Dow is up 7.5%, the S&P 500 is up 6.7%, and the Nasdaq is up 12.7%.<\/p>\n

Yet, even as major indices rose so nicely over the 52-week period, 1,256 individual stocks of those on the New York<\/a> Stock Exchange dropped to new 52-week lows today, while only 21 reached 52-week highs. How many stocks are listed or traded on the NYSE depends on who you ask. The WSJ data section<\/a> shows 2,080; others go just over 2,400. If there are 2,080 stocks actively traded on the NYSE, this means 60% hit new 52-week lows today.<\/p>\n

And according to my own math, 176 stocks on the NYSE have by now plunged at least 50% from their 52-week highs.<\/p>\n

<\/ins>Despite the small drop on Tuesday of the major indices, here is what a random page in alphabetical order of the NYSE listings looks like in terms of red for the day \u2013 there is a lot of it, and it doesn\u2019t even include Caterpillar<\/a>, which dropped 7.6%:<\/p>\n

\"\"<\/p>\n

In terms of the S&P 500 \u2013 which tracks the largest stocks in their industries, regardless of what exchanges they trade on \u2013 a whopping 353 stocks are down at least 10% from their 52-week highs, and 179 of them (that\u2019s over a quarter) have dropped by at least 20%.<\/p>\n

Why are the overall indices not down more? Well, Apple<\/a> is a big reason.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

This Stock Market Is \u201cGradually\u201d Rotting Under the Covers And some of the rot is oozing to the surface. The sell-off on Tuesday didn\u2019t weigh on the scale of sell-offs: The Dow, the S&P 500, and the Nasdaq were down only around 0.5%, give or take a little. But in the broader sense, declines of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[29,1138,4254,4255],"class_list":["post-39642","post","type-post","status-publish","format-standard","hentry","category-economics","tag-apple","tag-stock-market","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39642"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39642\/revisions"}],"predecessor-version":[{"id":39643,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39642\/revisions\/39643"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}